The blue economy, also known as the ocean economy, encompasses various economic activities linked to oceans and seas, as defined by the World Bank. It emphasizes the sustainable utilization of ocean resources to foster economic growth, support livelihoods, and ensure the health of marine ecosystems.
Key sectors within the blue economy include maritime shipping, fishing, aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries, deep-sea mining, marine genetic resources, and biotechnology.
Globally, the blue economy is valued at over US$1.5 trillion annually and sustains more than 30 million jobs. It serves as a crucial protein source for over three billion people worldwide. Although overshadowed by the emphasis on the green economy in recent years, there is a renewed focus on the blue economy, with projections suggesting its potential to double in size to $3 trillion by 2030, according to the OECD.
Governments and companies are increasingly investing in nature-based solutions to address climate change, leveraging the oceans’ capabilities. These solutions include carbon sequestration, coastal protection, biodiversity conservation, and waste management, highlighting the growing recognition of the oceans’ vital role in sustainable development.
See this infographic by The World Bank
